11 penny stocks returned over 10,000%

The Economic Times reported on May 20 that 11 Indian penny stocks had returned more than 10,000% since May 2021, using data as of May 19. The list came from ETMarkets, which said the gains were recorded during a four-year stretch that coincided with one of the strongest bull-market phases in recent years. The article said the biggest moves came from low-priced shares tied to themes including power, defence, infrastructure, renewable energy and financial services. (economictimes.indiatimes.com) It also said experts warned that the same stocks were volatile and thinly traded. ### Which stock topped the list, and by how much? Diamond Power Infrastructure led the ETMarkets list, rising from 9 paise on May 19, 2021 to Rs 24.27 by May 19, 2026, according to the article. ET said that move amounted to a gain of more than 210,000%, turning a Rs 1 lakh investment into more than Rs 21 crore on the paper gains shown in the data. (economictimes.indiatimes.com) Swan Defence and Heavy Industries was the next major gainer named in the report. ET said the stock climbed from Rs 2.85 to Rs 210.21 over the same period, generating returns of more than 65,000%. ### Which other companies did ET name? Stellant Securities and East India Drums and Barrels Manufacturing were among the other biggest gainers cited by ETMarkets. (economictimes.indiatimes.com) The report said Stellant Securities delivered returns of more than 38,000%, while East India Drums and Barrels Manufacturing rose nearly 30,000%. The remaining companies named in the article were Nurture Well Industries, Indosolar, Onix Solar Energy, Piramal Finance, City Pulse Multiventures, IMEC Services and Knowledge Marine & Engineering Works. (economictimes.indiatimes.com) The ET excerpt available through search results names those companies but does not provide each stock’s exact percentage return in the accessible text. ### Why did these stocks rise so sharply? India’s power, cables and infrastructure spending boom was one factor ETMarkets cited for the move in Diamond Power Infrastructure. The article said investors chased companies linked to power transmission, cables and infrastructure as government spending rose and private capital expenditure recovered. (economictimes.indiatimes.com) The defence sector was another theme named in the report. ET said investor interest increased after the government’s localisation push and the expansion of defence manufacturing opportunities, helping lift Swan Defence and Heavy Industries and other small-cap names tied to that trade. ET also linked the broader move to post-pandemic market conditions. (economictimes.indiatimes.com) The article said several of the stocks benefited from a liquidity-driven rally in small-cap and micro-cap shares after 2021, as retail participation in Indian equities climbed to record levels. ### Why are investors being warned not to chase the list? ETMarkets said experts cautioned about the risks of volatile, thinly traded stocks. (economictimes.indiatimes.com) The article said low-priced shares can attract speculative buying because even small moves in the share price can translate into very large percentage gains. Thin trading can also make exits harder when momentum reverses. ET’s framing was that the same conditions that helped produce outsized gains in a bull market can expose investors to sharp losses when liquidity dries up or concentration in a single theme breaks down. (economictimes.indiatimes.com) ### Where can readers find the full list and what comes next? Akash Podishetti’s ETMarkets article, updated on May 20, 2026, contains the full 11-stock list and the return figures cited in the report. (economictimes.indiatimes.com) The data point referenced in the story was May 19, 2026, and any change in share prices after that date would alter the ranking and the headline return numbers.